Denmark's biggest bank sells Lux wealth arm amid police market abuse charges

Mark Battersby
clock • 2 min read

Union Bancaire Privée is to buy the Luxembourg-based wealth management business Danske Bank International just days after the parent company Danske Bank faced police charges over two potential violations of the European Union's market abuse rules. The undisclosed UBP deal is subject to regulatory approvals with a timeline to complete in Q4 2021. UBP estimated that with the acquisition under its belt it will hold almost 33bn CHF (€30bn) in assets under management in Luxembourg, where it has had a presence since 2002 through its asset management and private banking arms. Headquartere...

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